Interactive Financial Reporting: An Introduction to eXtensible Business Reporting Language (XBRL)

2010 ◽  
Vol 25 (1) ◽  
pp. 71-83 ◽  
Author(s):  
Eileen Z. Taylor ◽  
Ann C. Dzuranin
Keyword(s):  
Financial Reporting ◽  
Financial Information ◽  
Learning Approach ◽  
Programmed Learning ◽  
Business Reporting ◽  
Hands On ◽  
Accounting Courses ◽  
Financial Audit ◽  
Interactive Exercise

ABSTRACT: As technology provides more efficient and effective methods for financial reporting, students are encouraged to gain experience using these innovations. The SEC and other global financial communities have mandated the use of XBRL (eXtensible Business Reporting Language) for certain public filings. The following interactive exercise exposes students to XBRL and provides hands-on experience in using related tools. In Task 1, students learn about the underlying mechanics of XBRL. In Task 2, students use a programmed learning approach to analyze financial information using the SEC’s free interactive financial viewer. Task 3 includes discussion questions related to XBRL and specific accounting courses (i.e., financial, audit, managerial, and systems).

scholarly journals РОЗКРИТТЯ НЕФІНАНСОВОЇ ІНФОРМАЦІЇ В ЗВІТНОСТІ ПІДПРИЄМСТВ МАЛОГО БІЗНЕСУ

2020 ◽  
pp. 174-182
Author(s):  
Tetyana Gogol ◽  
Vadym Kolotok
Keyword(s):  
Small Business ◽  
Financial Reporting ◽  
Local Governments ◽  
Labor Relations ◽  
Accounting Standards ◽  
Environmental Issues ◽  
Financial Statements ◽  
Financial Information ◽  
Business Reporting ◽  
Do So

The article substantiates the importance of displaying non-financial information to external and internal users of small business reporting and also proves the need to disclose information on human rights and labor relations, anti-corruption activities, interaction with local governments, environmental issues and so on. Accounting standards governing the formation of various types of non-financial statements have been analyzed, together with the indicators which are further disclosed in such reports in order to confirm analytical information. The types of non-financial reporting constituting Ukrainian enterprises have been considered, the composition of indicators appropriate for disclosing to small business enterprises, which are already submitting reports or planning to do so in the future, have been justified.

scholarly journals The Process Of Creating XBRL Instance Documents: A Research Framework

2010 ◽  
Vol 14 (2) ◽  
Author(s):  
Diane Janvrin ◽  
Maureen Francis Mascha
Keyword(s):  
Financial Reporting ◽  
Financial Information ◽  
Financial Statement ◽  
Future Research ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Web Technologies ◽  
Business Reporting ◽  
The Past ◽  
Use Of The Internet

The past decade has witnessed a technological revolution fueled by the widespread use of the Internet, web technologies, and their applications.  Within financial reporting, proponents of extensible Business Reporting Language (XBRL) argue that XBRL will revolutionize financial reporting since it allows corporate financial information to be aggregated, transmitted, and analyzed quicker and more accurately (Hoffman and Strand 2001; Hannon 2002; Bovee et al. 2005; Willis 2005; Cox 2006). The SEC recently mandated that publicly traded companies furnish financial information in XBRL format (Rummel 2008; SEC 2009a). Thus, the purpose of this project is to provide researchers with a framework for examining the process financial statement preparers use to create XBRL instance documents. Further, the paper (1) demonstrates how the framework may be used, (2) raises unanswered questions, and (3) suggests avenues for future research.    

Assurance on XBRL-Related Documents: The Case of United Technologies Corporation

2009 ◽  
Vol 23 (2) ◽  
pp. 49-78 ◽  
Author(s):  
J. Efrim Boritz ◽  
Won Gyun No
Keyword(s):  
Financial Reporting ◽  
Financial Information ◽  
Future Research ◽  
Research Opportunities ◽  
Business Reporting ◽  
The Third ◽  
Business Information ◽  
Digital Format ◽  
The World ◽  
Examination Process

ABSTRACT: The eXtensible Business Reporting Language (XBRL) was developed to provide financial information users with a standardized method to prepare, publish, and exchange business information in digital format. XBRL is being used around the world for financial reporting and government e-filings. Although there has been growing awareness about assurance issues related to the use of XBRL, current audit practices and standards fall short of providing the needed guidance for the provision of assurance on XBRL-Related Documents. In this paper, we report on a mock assurance engagement that we conducted on the XBRL-Related Documents of United Technologies Corporation's 10-Q for the third quarter of 2005 and repeated on its 10-Q for the third quarter of 2008 to identify the issues that companies and auditors might encounter if they are requested to provide assurance on XBRL-Related Documents. We describe the assurance framework applied in the mock assurance engagement, present the findings from the examination process, and discuss future research opportunities associated with XBRL documents assurance.

scholarly journals USING ERP SYSTEM TO TEACH ACCOUNTING COURSES

2021 ◽  
pp. 1-5
Keyword(s):  
Enterprise Resource Planning ◽  
Resource Planning ◽  
Transaction Processing ◽  
Teaching Tool ◽  
Learning Approach ◽  
Managerial Accounting ◽  
Erp Systems ◽  
Erp System ◽  
Hands On ◽  
Accounting Courses

This paper discusses the use of Enterprise Resource Planning (ERP) systems as a teaching tool in Accounting Courses. Students can understand better the accounting cycle and business transaction processing by doing exercises and projects using the ERP system because it clearly shows the complete transaction cycle from the beginning to the end in a systematic and integrated way. Specifically, practical suggestions and usages in the class setting are illustrated based on the SAP system. This hands-on and active learning approach greatly enhances the learning of Accounting Courses such as financial and managerial accounting courses, finance courses, and information systems courses.

XBRL Mandate and Timeliness of Financial Reporting: The Effect of Internal Control Problems

2020 ◽  
pp. 0148558X2092985
Author(s):  
Seokyoun Hwang ◽  
Won Gyun No ◽  
Jongkyum Kim
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Financial Information ◽  
Control Problems ◽  
Firm Characteristics ◽  
Reporting Standard ◽  
Grace Period ◽  
Business Reporting ◽  
Internal Control Weaknesses ◽  
The Impact

Extensible Business Reporting Language (XBRL) is intended to make analysis easier and faster by enhancing the exchange of financial information. Such benefits from this global reporting standard would stem from more timely, accurate, and transparent financial reporting. This article investigates whether internal control weaknesses (ICWs) in firms have an impact on the timeliness of financial reporting in XBRL format. The results of our analyses show that the filing lags of firms with ICWs are longer than those of firms without ICWs for their first detail tagged XBRL disclosure. The results also reveal that firms with ICWs are more likely to use the grace period in their initial XBRL disclosures. The length of the grace period used by firms with ICWs is longer than that of firms without ICWs. Furthermore, our additional analyses reveal that the XBRL mandate has affected firms’ filing behaviors differently depending on firm characteristics such as firm size. Overall, our findings indicate that the impact of ICWs on the timeliness of financial reporting is greater under the mandated XBRL disclosure.

Challenges in Sustainability and Integrated Reporting

2015 ◽  
Vol 30 (4) ◽  
pp. 373-381 ◽  
Author(s):  
Lies Bouten ◽  
Sophie Hoozée
Keyword(s):  
Financial Reporting ◽  
Sustainability Reporting ◽  
Master's Level ◽  
Integrated Reporting ◽  
Reporting Practices ◽  
Hands On ◽  
Accounting Courses ◽  
Corporate Social

ABSTRACT Students are introduced to the concepts of sustainability reporting and the latest trend, integrated reporting, by playing the role of an active jury member on the judging panel for the Best Belgian Sustainability Report Award. Through the reporting practices of Telenet, a Belgian telecommunication company, the case demonstrates the pivotal role of materiality and completeness in assessing the quality of sustainability reporting. Moreover, by revealing that an integrated strategy is crucial in the development of an integrated report and by demonstrating the importance of connecting financial and sustainability-related performance indicators, the case exposes students to the challenges that companies may face in developing their integrated reporting. The case also encourages students to critically reflect on the motivations behind sustainability reporting. In addition, through the active process of analyzing the disclosed information, students learn to formulate hands-on recommendations for improvement. This master's-level case is appropriate for either general financial reporting courses that incorporate contemporary reporting trends or more specific accounting courses on corporate social responsibility (CSR), sustainability, accountability, or ethics.

Assurance on XBRL for Financial Reporting

2008 ◽  
Vol 22 (3) ◽  
pp. 353-368 ◽  
Author(s):  
R. David Plumlee ◽  
Marlene A. Plumlee
Keyword(s):  
Financial Reporting ◽  
Academic Research ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Financial Information ◽  
The Public ◽  
Business Reporting ◽  
Paper Version ◽  
Public Company ◽  
Reporting Environment

SYNOPSIS: Since 2004, the Securities and Exchange Commission (SEC) has taken steps toward requiring eXtensible Business Reporting Language (XBRL) to be used in its filings, including a voluntary filing program. “Tagging” financial information using XBRL creates documents that are computer readable and searchable. Once XBRL is required, investors are likely to demand assurance on the tagging process. The Public Company Accounting Oversight Board (PCAOB) has issued guidance on attest engagements regarding XBRL financial information furnished under the SEC’s current voluntary filer program, which relies on the auditor “agreeing” a paper version of the XBRL-related documents to the information in the official EDGAR filing. This approach may be adequate for the current paper-oriented reporting paradigm. However, once filing in XBRL becomes required, the power of XBRL to allow individual financial datum to be extracted from the SEC’s financial database will be realized. This “data-centric” idea is a crucial extension of the traditional reporting paradigm that will alter the way financial and nonfinancial data can be used. The current audit focus on reconciling only the XBRL output with the paper submissions does not address this paradigm shift. In this commentary, we discuss the SEC’s efforts to incorporate XBRL into its filing process and provide a brief overview of the technical aspects of XBRL. The commentary’s principal focus is on several important questions that assurance guidance must address in a data-centric reporting environment, such as, what constitutes an error, or what does materiality mean when individual pieces of financial data will be used outside the context of the financial statements? It also describes some XBRL-related areas where academic research can help guide XBRL-document assurance efforts.

Alibaba Group Initial Public Offering: A Case Study of Financial Reporting Issues

2016 ◽  
Vol 31 (4) ◽  
pp. 449-460 ◽  
Author(s):  
Qing L. Burke ◽  
Tim V. Eaton
Keyword(s):  
New York ◽  
Initial Public Offering ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Financial Accounting ◽  
Learning Needs ◽  
York Stock Exchange ◽  
Accounting Courses ◽  
Chinese Company ◽  
Public Offering

ABSTRACT In September 2014, the Chinese e-commerce giant Alibaba Group Holding Limited issued shares on the New York Stock Exchange, making it the world's largest initial public offering. This case examines different aspects of the Alibaba Group's initial public offering, including Alibaba Group's business model, financial reporting and corporate governance, as well as the macroeconomic, political, and legal environment in which the company operates. In addition, this case will familiarize students with the risks and opportunities for Chinese companies and investors when a Chinese company lists in the U.S. This case is suitable for financial accounting and international accounting courses at the intermediate and advanced levels for undergraduates as well as graduate students. The case is scalable, and instructors can choose from multiple sections of the case and different case questions to tailor the case difficulty to their students' learning needs.

scholarly journals Reliability of Financial Information from the Perspective of Benford’s Law

Entropy ◽  
2021 ◽  
Vol 23 (5) ◽  
pp. 557
Author(s):  
Ionel Jianu ◽  
Iulia Jianu
Keyword(s):  
Financial Reporting ◽  
Capital Market ◽  
Financial Statements ◽  
Financial Information ◽  
Benford’S Law ◽  
Professional Judgment ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Benford's Law ◽  
Before And After

This study investigates the conformity to Benford’s Law of the information disclosed in financial statements. Using the first digit test of Benford’s Law, the study analyses the reliability of financial information provided by listed companies on an emerging capital market before and after the implementation of International Financial Reporting Standards (IFRS). The results of the study confirm the increase of reliability on the information disclosed in the financial statements after IFRS implementation. The study contributes to the existing literature by bringing new insights into the types of financial information that do not comply with Benford’s Law such as the amounts determined by estimates or by applying professional judgment.

Blockchains:  An Experiential Accounting Learning Activity

2021 ◽  
Author(s):  
Lorraine S. Lee ◽  
Deniz Appelbaum ◽  
Richard Mautz III
Keyword(s):  
Conceptual Understanding ◽  
Emerging Technologies ◽  
Accounting Students ◽  
Learning Activity ◽  
Learning Approach ◽  
Technology Change ◽  
Accounting Curriculum ◽  
Hands On ◽  
Hands On Learning ◽  
Rapid Pace

Organizations such as the AASCB and the Pathways Commission (2012) recommend that emerging technologies be included in the accounting curriculum.  Yet the inclusion of emerging technologies represents a challenge for accounting educators due to the complexity and uncertainty associated with many technologies, as well as the rapid pace of technology change and innovation.  This paper answers the call by the Pathway Commission (2012) for additional research focused on enhancing learning experiences to better reflect current and emerging technologies. Using an experiential learning approach (Butler, Church, and Spencer (2019), we create a hands-on, learning activity focused on blockchains in order for accounting students to gain a conceptual understanding of blockchains and its applications and implications beyond bitcoins.

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